BNB reaches bullish exhaustion as price dips below $620

The price of Binance coin or BNB (BNB) has fluctuated since reaching the target price of $619.

Long-Term BNB Price Prediction: Bullish

BNB has recovered to a high of $619 and is now hovering below the $620 resistance level. According to Coinidol.com, during the rise on September 14, the retracement candle tested the 61.8% Fibonacci retracement line. The recovery suggests BNB will rise to the $1.618 Fibonacci extension level or $619.50.

Based on the price action, BNB experienced bullish exhaustion as it dropped below $620. Since September 23, the bullish momentum has stalled below the $620 high. If an altcoin falls from a recent high, it will fall. During the previous price action, BNB fell below the moving average lines and hit a low of $480.

BNB Performance Analysis

BNB price has remained above its moving average lines since the price spike on September 12th. The 4-hour chart shows an uptrend that was interrupted and pulled back above the moving average lines. The uptrend will resume if support at the 21-day SMA continues. The Doji candles have formed, so the price action remains stable.

Technical indicators:

Resistance levels – $600, $650, $700.

Support levels – $400, $350, $300.

What’s the next direction for BNB/USD?

BNB/USD is trading sideways again after the end of the rally. The altcoin is trading in a limited range with support at $580 and resistance at $620. Price action stagnates, with BNB price remaining above the moving average lines. The bears have stopped the uptrend while the altcoin resumes consolidation.

Disclaimer. This analysis and forecast are the personal opinion of the author. They are not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol.com. Readers should conduct research before investing in the funds.

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